S&P ups Banco Industrial, Banco G&T

S&P said it upgraded Banco Industrial SA and Banco G&T Continental SA to BB from BB- and affirmed the short-term global scale rating at B on both banks.

The outlook on both banks is stable.

The upgrade follows the recent upgrade by S&P of the long-term foreign currency sovereign credit rating on Guatemala to BB from BB-. Guatemala’s BB long-term local currency sovereign and B short-term credit ratings were affirmed.

“The upgrade is based on Guatemala's cautious fiscal and monetary policies that have stabilized the economy and should support continued GDP growth. Additionally, economic resilience and tax-revenue collection improvements will sustain low fiscal deficits,” S&P said in a news release.

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